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Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
 The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday that also would invest in infrastructure to support mining operations and reduce corporate taxes.
The new 40 percent tax on resoure profits targets industries that have grown rapidly as they've produced the raw materials that feed burgeoning Chinese and Indian manufacturing demand.
Mining royalties currently paid to Australian state governments do not reflect rising commodity prices. The government says mining profits rose by 80 billion Australian dollars ($74 billion) in the past decade, yet government revenues from resources increased by only AU$9 billion.
Andrew Forres, chief executive of Fortescue Metals Group Ltd., last week warned that higher taxes on mining could "kill the golden goose" that had kept Australia out of recession during the global economic downturn. Mine companies also say higher taxes would stifle investment in the resource sector and cost jobs.
Thetax overhaul Prime Minister Kevin Rudd proposes requires Parliament's endorsement to become law. It would introduce the so-called Resource Super Profits Tax in July 2012. The company tax rate would be cut from 30 percent to 29 percent in July 2013 and to 28 percent a year later.
The government forecasts tht the cut in company tax combined with the mining tax will increase Australia's gross domestic product by 0.7 percent a year.
"These changes will not be welcomed by every business or every interest group, but they are the considered, responsible changes we need if we are to turn our success during the gloal recession into enduring gains for our economy, our people and our nation," Rudd said in a statement.
Treasurer Wayne Swan told reporters he could not say whether tax legislation would be introduced to Parliament before national elections are held at a date to be set late this year.
Under the tax overhaul, resource-rich states would continue to reap mining royalties, but the federal government would refund those costs to mining companies before calculating their federal tax debt.
The tax would be levied on profits after all the costs of mining operations, capital investment and dividends to shareholders are deducted.
Marginally viable mine companies would potentially be better off in cases where the costs of extracting minerals barely cover royalty charges because of a price downturn or when the ore deposit is almost exhausted.
About AU$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 27 July 11
BLACKSTONE TO INVEST INR 5,000 MILLION (APPRX. US$ 111 MILLION) IN VISA POWER
Press Release - The Blackstone Group (NYSE: BX) today announced that it will be investing INR 5,000 million (c. USD 111 million) in VISA Power ...
Tuesday, 26 July 11
UT'S SALES COULD REACH TO 8000 UNITS BY THE END OF 2011
COALspot.com - Sales of Komatsu heavy equipment in the domestic market in the first half of 2011 rose 59 percent to 4333 units compared to the same ...
Monday, 25 July 11
INDONESIA STATE ELECTRICITY COMPANY HAS BURNED 19 MMT OF COAL FOR FIRST HALF OF 2011
COALspot.com - Indonesia's State Electricity Company and other IPPs have burned 19 million tons of coal for first half of this year said,Pamudji Nu ...
Monday, 25 July 11
AKR CORPORINDO TO PRODUCE 0.3 MMT OF COAL BY DECEMBER
COALspot.com - PT AKR Corporindo (AKRA) began producing coal from its mine in Muara Teweh, Central Kalimantan. The company is targeting to pro ...
Sunday, 24 July 11
AN INDIAN PORT SETS A WORLD RECORD FOR CONVENTIONAL COAL DISCHARGE
COALspot.com - Krishnapatnam Port has set a World record for discharging 106,171 tons of steam coal in just 24 hrs using the conventional unloading sy ...
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- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
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